The Congressional Budget Act of 1974 is, in the words of former Speaker of the House Carl Albert, the most significant congressional initiative in the last 75 years. Under it the Congress is now required by law to consider the Federal budget as a whole and to act upon it before the commencement of the fiscal year.
Korb, Lawrence J.
"An Analysis of the Congressional Budget Act of 1974,"
Naval War College Review: Vol. 30
, Article 5.
Available at: http://digital-commons.usnwc.edu/nwc-review/vol30/iss2/5